Recently, more and more businesses are using blockchain to decentralize their applications (to make it intermediary free) and as a result more transaction data is being added to the blockchain. A large amount of data is useless unless the same is processed to generate useful information and/or insights from the humongous data points. However, it has been observed that in general course of business there are different entities controlling the source of data, the data processing algorithms. There are several cases where an entity that requires certain information/insights which can be derived by processing, using an algorithm, certain data records. This calls for data transfer between one or more entities viz-a-viz an entity holding the data records, another data entity with the algorithm for data processing. More often than not, entities are hesitant to share the data owing to threats of data theft, data privacy breach and cyber phishing attacks, thereby unbale to process the desired data to unearth useful information and knowledge remains confined in silos across entities. Further, in many situation, people are afraid to enter into such data processing arrangements given the confidential nature of data records that are to be processed.
Traditionally, entities transfer their data to one another in order to process the data to generate insights/information. Alternatively, they purchase the data records and the associated data processing algorithm and then process the data records within their secured environment.
Transferring data to another party is always subject to issues of theft, cyberattack, misappropriation by the other party or some third party which might get pass through the applied security measures. Moreover, purchasing the data records might not be practical as well as feasible for many entities owing to cost of data records as well as the storage space requirements.
In light of the above-mentioned shortcomings associated with existing methods and systems for processing data records between two or more entities, it is highly desirable to have a system and method that allows data records to be remotely processed on a blockchain communicatively coupled to a data requester and a data provider.
The present invention, as described below, allows data records from a data provider to be remotely processed, using one or more data processing algorithms, on a blockchain and transmitted to a data requester, thereby eliminating concerns with respect to data security, breach and need for storing third-party data.